EV Inventories Are Swelling, Prices Expected to Drop Soon

EV Inventories Are Swelling,  Prices Expected to Drop Soon
EV Inventories Are Swelling,  Prices Expected to Drop Soon

Despite strong sales, dealership EV inventories are growing, according to data from Cox Automotive and the Automotive News Research and Data Center.
EVs are approaching 7% of the US new car market and they're on track to surpass sales of one million units in the US for the first time this year, Cox Automotive estimates. But the data also show that EVs aren't flying off dealer lots.
Through the end of the second quarter, EV inventory in the US is expected to surpass 90,000 units for the first time. For context, last year, when the EV supply was much tighter, the national inventory was around 21,000 units, Green Car Reports reported.
Several factors are still holding back higher EV sales growth. In a June survey of dealers and consumers, Cox also found that dealers still aren't as ready for the electric future as consumers are. And while consumers may be more enthusiastic than dealers, EV interest is far from universal, Automotive News reported. 
Ipsos has concluded that consumer interest in EVs is lagging, in part because of cost misconceptions over the overall ownership cost of EVs, which may in fact be much lower than gasoline cars. Confusion over the federal EV tax credit price cap and rules that appeared to shift several times over the past year could be an issue as well.
The actual cost picture may ultimately favor EVs, though. Led by Tesla's 20% price cut at the beginning of the year, some have suggested an EV price war is already happening, even as higher battery and manufacturing costs potentially push price parity with internal-combustion vehicles further toward 2030. 
For now, ample supply likely means EV deals may finally be coming, and at the very least, the price gouging is gone.

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